Concord Mortgage Corp (American, EMC, Bear Stearns)
Switch and bait
I refinanced with Concord mtg corp in late april with an understanding it was a 5/1 loan at 7%. When the first payment coupon arrived it was marked this is an adjustable rate mortgage, with choice of 4 options each month starting with a rate of 9.37%. My rate has been adjusted 3 times since May. ...